Sisyphus Was a Banker

Why do we do the (all too often miserable) things we do for work? This is something I've wondered about myself my entire adult life, and I still don't have good answers. To say we do it for the money is a vast over-simplification. This is a really fascinating TED talk from last October that delves into what our thought process is when we're tasked with meaningless work. Say, for example, a pitchbook you've worked on all week only to have your MD send you an email at 2 a.m. Saturday saying nevermind, the deal's not happening. I'd love to hear your thoughts on this, because our profession is widely known to be among the most miserable ways to turn a buck. Enjoy:

 
Best Response

i'm a big believer that we have evolved to derive enjoyment/satisfaction from contributing to the collective group, which is inevitably what work is, since you do it for something wanted by someone else, hence money is almost a natural concept.

it's very notable that depression rates/mental illness among the unemployed are significantly higher than elsewhere, the vicious circle that unemployment creates mental illness which creates unemployment etc.

When you feel you are not contributing to the collective through your work, you get depressed,i.e. you cant see the fruits of your labour, or you dont see anyone benefit from it. Interestingly, though anecdotal, of the significant number of people I know who work in medicine/hospitals, the most depressed/withdrawn ones are the ones that live behind their microscopes, pathology etc.

 
trazer985:

i'm a big believer that we have evolved to derive enjoyment/satisfaction from contributing to the collective group, which is inevitably what work is, since you do it for something wanted by someone else, hence money is almost a natural concept.

it's very notable that depression rates/mental illness among the unemployed are significantly higher than elsewhere, the vicious circle that unemployment creates mental illness which creates unemployment etc.

When you feel you are not contributing to the collective through your work, you get depressed,i.e. you cant see the fruits of your labour, or you dont see anyone benefit from it. Interestingly, though anecdotal, of the significant number of people I know who work in medicine/hospitals, the most depressed/withdrawn ones are the ones that live behind their microscopes, pathology etc.

There's some special kinds of people that love unemployment and contributing nothing

 
 

Ariely is very adept with "eureka"-inducing examples, but stripped of the motivational tone, this idea becomes a whole lot more drab.

All Ariely has really explained here is why artists and journalists get paid a whole lot less than engineers and bankers. Rote, unfulfilling work requires more ancillary motivation than does exciting, meaningful work, which we would do for free anyways. Artists aren't paid less simply because their skills are less important or less demanded, they are paid less because there are more people willing to take their job.

Everything here accords perfectly well with Smith's idea of capitalism, so I'm not clear on why we are tossing in praise for a guy that ideated the system which doubtlessly created unhappy people wildly more efficiently than Smith's.

"For all the tribulations in our lives, for all the troubles that remain in the world, the decline of violence is an accomplishment we can savor, and an impetus to cherish the forces of civilization and enlightenment that made it possible."
 

Here's my breakdown -

People who adhere to Adam Smith's model in our day and age end up staying til' MD / Partner. These people are seeking "employment".

People who adhere to Karl Marx's model in our day and age end up leaving to pursue the fulfillment of meaning. These people are seeking a "career".

 

I get what you're saying, but that's not an entirely fair characterization. I still know guys who were in the business with me and are still grinding it out today, and most of them love it. It would be hard to argue that that's not a "career". They've evolved into financial advisors, for the most part, and their personal objectives are more closely aligned with their clients' objectives than ever before. Sounds pretty zen to me. I could never do it, but hell, to each his own.

 

No doubt, my comment was a blanket stereotype that holds true for many, but not all. You have ones who truly enjoy their line of work, but you also have a ton of them who just endured the grind without a good sense of direction and by the time they looked back, they're in their late 30s.

Just like Dan said, it's important to find the meaning in your work - as long as there's fulfillment besides money you're on a healthy track. But if you're working just for the sake of a paycheck, you should start considering whether you've got your career buttress figured out.

 

Fugiat et in voluptas molestias exercitationem in. Aut alias molestias rerum eum.

Voluptatem sed non aliquam. Eos rem et sed quia reiciendis reprehenderit optio veniam. Eligendi architecto ipsa explicabo eveniet minus et. Dolores consequatur libero temporibus dolorem. Eius earum rerum laborum rerum. Ea voluptatibus libero recusandae aut saepe eos.

Sed accusantium id repudiandae necessitatibus. Tempore magnam non porro ipsa autem itaque. Autem nihil fugit ut repudiandae illo adipisci. Molestiae odio ullam dicta consequatur. Architecto qui aut fugit odio occaecati et est. Quia ipsum pariatur fugit tempora nihil dicta.

"My dear, descended from the apes! Let us hope it is not true, but if it is, let us pray that it will not become generally known."

Career Advancement Opportunities

April 2024 Investment Banking

  • Jefferies & Company 02 99.4%
  • Goldman Sachs 19 98.8%
  • Harris Williams & Co. New 98.3%
  • Lazard Freres 02 97.7%
  • JPMorgan Chase 03 97.1%

Overall Employee Satisfaction

April 2024 Investment Banking

  • Harris Williams & Co. 18 99.4%
  • JPMorgan Chase 10 98.8%
  • Lazard Freres 05 98.3%
  • Morgan Stanley 07 97.7%
  • William Blair 03 97.1%

Professional Growth Opportunities

April 2024 Investment Banking

  • Lazard Freres 01 99.4%
  • Jefferies & Company 02 98.8%
  • Goldman Sachs 17 98.3%
  • Moelis & Company 07 97.7%
  • JPMorgan Chase 05 97.1%

Total Avg Compensation

April 2024 Investment Banking

  • Director/MD (5) $648
  • Vice President (19) $385
  • Associates (87) $260
  • 3rd+ Year Analyst (14) $181
  • Intern/Summer Associate (33) $170
  • 2nd Year Analyst (66) $168
  • 1st Year Analyst (205) $159
  • Intern/Summer Analyst (146) $101
notes
16 IB Interviews Notes

“... there’s no excuse to not take advantage of the resources out there available to you. Best value for your $ are the...”

Leaderboard

1
redever's picture
redever
99.2
2
Secyh62's picture
Secyh62
99.0
3
BankonBanking's picture
BankonBanking
99.0
4
Betsy Massar's picture
Betsy Massar
99.0
5
kanon's picture
kanon
98.9
6
CompBanker's picture
CompBanker
98.9
7
dosk17's picture
dosk17
98.9
8
GameTheory's picture
GameTheory
98.9
9
Jamoldo's picture
Jamoldo
98.8
10
Linda Abraham's picture
Linda Abraham
98.8
success
From 10 rejections to 1 dream investment banking internship

“... I believe it was the single biggest reason why I ended up with an offer...”